| 1. Exemption amount. The estate up to Seven percent of the |
just value of $7,000 of the homestead of a permanent resident of |
this State who has owned a homestead in this State for the |
preceding 12 months is exempt from taxation except for |
assessments for special benefits. In determining the local |
assessed value of the exemption, the assessor shall multiply the |
amount of the exemption by the ratio of current just value upon |
which the assessment is based as furnished in the assessor's |
annual return pursuant to section 383. If the title to a |
homestead is held by the applicant jointly or in common with |
others, the exemption may not exceed $7,000 7% of the just value |
of the homestead, but may be apportioned among the owners who |
reside on the property to the extent of their respective |
interests. A municipality responsible for administering the |
homestead exemption has no obligation to create separate accounts |
for each partial interest in a homestead owned jointly or in |
common. |